The most progressive companies often end up on lists of the best companies to work for, and for good reason. These companies understand what makes employees thrive and work hard to cultivate an environment for continued growth. Not all of the best places to work started that way, and shifting company culture is a challenge, but it can be done with determination.
One common denominator among these top companies is a willingness to examine current policies and processes and change them for the better. Keep reading to find out what the top companies to work for are doing and how C-Suite executives can implement these strategies.
Focus on the Human Aspect of the Workplace
For many companies, the bottom line is the chief—and sometimes even the only—concern. While financial success is certainly important, the top companies to work for understand that, without a workforce that feels valued, the bottom line will inevitably suffer. A company’s success is not only the result of happy customers, but also happy workers.
So how do companies prioritize that human touch in the workplace? The first is by letting employees know that the company values them, not only for what they were able to produce, but also by acknowledging that their unique life experiences bring richness to the workplace. Treating people as people, not just producing machines, sounds obvious, but many companies forget this.
Another way top companies treat their employees well is by offering good benefits. For example, it is standard practice to only offer benefits like 401(k) plans and medical insurance to full-time employees, but several top companies also extend these benefits to part-time employees. For example, Starbucks offers eligible full- and part-time employees medical, dental, and vision insurance, an Employee Assistance Program (EAP), a financial assistance program, and a tuition program that allows employees to finish a bachelor’s degree with 100% reimbursement.
Of course, Starbucks is able to offer many of these benefits because of its size and scale; a small company may not be able to afford so many perks. Nevertheless, even small businesses can demonstrate they care about their employees through their benefits packages. Generous benefits are highly valued by employees. Competitive benefits packages can translate to lower employee turnover, higher retention, and greater employee loyalty.
Additionally, top companies solicit feedback from employees and work to create programs in and out of the workplace that enhances their lives. From financial planning seminars to free exercise classes and professional development opportunities, offering supplemental programs is one of the best ways to show employees that they are valued.
Emphasizing Collaboration and Diversity
Diversity is on everyone’s minds these days, but the top companies have long valued a multicultural workforce. The best companies to work for understand that their productivity and reputation depend in part on their approach to diversity. It’s essential to create a workplace that is accepting of people of all ethnic backgrounds, nationalities, ages, genders, religions, sexual orientations, and other demographic groups. (And of course, federal law prohibits employment discrimination based on certain protected classes like race, color, sex, etc.) But going beyond the letter of the law, the best companies work to embrace diversity among employees and make a concerted effort to bring people together despite their differences.
Another way that the top companies emphasize collaboration is through recognition. Even on the micro level, acknowledging milestones, both personal and professional, means a lot to most people. When an employer makes a point to remember birthdays or work anniversaries, employees will feel more connected and appreciated.
Mastering Work-Life Balance
Although it may sound cliché, work-life balance is critical to the success of any company. Employees who have the time to manage their personal and professional lives are generally happier and more productive.
Some of the things top companies are doing to help employees maintain work-life balance include the following:
- Unlimited PTO
- Extended parental leave
- Extended bereavement leave or bereavement leave that includes persons outside of the employee’s immediate family
- Educational leave
- Tuition assistance or enhanced tuition reimbursement
- Flexible work schedules
- Schedule swapping for hourly employees
The benefits of work-life balance are numerous for both employers and companies. Employees who have a healthy work-life balance are less likely to feel overwhelmed and less likely to miss work due to illness. In terms of the workplace, companies who prioritize work-life balance for employees experience lower turnover rates, a better reputation among jobseekers, and an overall more pleasant work environment.
Conclusion
Progressive companies continue to look for ways to improve, and this is one of the most critical traits for a successful company. Luckily, the best companies to work for also tend to be the most financially successful. For example, according to data from Fortune magazine, the best companies to work for demonstrated stronger financial performance compared to companies that didn’t make the list. Perhaps that’s because companies that are considered both good employers and financially successful have another important characteristic in common: they invest in their employees.
